Bitcoin


#1728

What’s paper money used for?
What’s a bond used for ?
What’s a stock used for ?

Golds value is not from jewelery or phones.

Its highly speculative also.

Bitcoin has some advantages over gold that you ignored again.

To name three obvious ones.

It has a fixed supply that is known absolutely.
It can be traded almost instantly across borders.
You don’t need to hold the physical material or physically transport it.


#1729

To speculatively finance the means of production of useful things by people, to increase the stock of real physical capital.


#1730

To buy Lattes in the morning. Bitcoin fundamentally can’t be used to by stuff on a short notice period since it has a built in minimum transaction time of about 30 minutes. Also, it’s legal tender which means it’s the only thing that can be used to pay taxes.

It’s a debt that is bought and sold. It’s sold to raise money for investments. It’s bought for a % return on investment each year.

To gain ownership of a company.

Ehh… ??? You do know that it takes Bitcoin miners time to validate transactions? The fundamental Bitcoin algorithm has a built in minimum transaction time of about 30 minutes. This is the absolutely fastest transactions can happen. Typically it takes between 1 and 24 hours to trade a bitcoin.


#1731

Not in the case of share buy-backs which do not add to the firm’s capital and which have done so much to inflate share prices.


#1732

OK, it might be no good for a latte, but given the speed of a digestive process, it ought to work for Kopi Luwak. :smiley:


#1733

I wonder will we ever see paper Bitcoin, a bank, a government, or financial institution could print notes with a promise to pay the owner x number of Satoshi in exchange for the note


#1734

:open_mouth:

Wha? No-one ever said it did.

Share buybacks reduce the outstanding shares. So the remaining shareholders now own a greater % of the company/future profits. In theory they are are more tax efficient than distribution of dividends as the share price should rise as a result and CGT is lower than income tax

When new shares are issued - the buyers get a share of the company in return for money

If people choose to speculate on share price movements it has no effect on the underlying company*


#1735

For your latte, use the lightning network. For buying your house, do it on-chain.

Here’s my question: why does this topic, more than any other, lead to so much ill-informed posting?


#1736

The lightning network as of yet is little more than vapor ware. There is a concept prototype in github and little more than that.

Why is there so much ill-informed posting? The Crypto currency ecosystem currently consists of thousands of different types of coin, lots of different prototype technologies based on top of different block chains. So much vapor ware to cause a monsoon of bullshit. Then there are the vast hordes of people creating even greater hordes of bots all claiming that their favorite tech is the one and only true technology and only it can solve the world’s problems, but don’t actually articulate what problem they are trying to solve is.

The underlying block chain is an interesting technology no doubt. It is though a technology that is searching for a problem to solve. How to pay for a Latte is a solved problem, be it with cash, debit card or MPesa in Africa. The block chain/Bitcoin has yet to show what unique problem that it is solving to make it useful to pay for a Latte rather than the other payment solutions that are available.


#1737

lnmainnet.gaben.win/

Stop posting, read some more.


#1738

Yup, signing off for a few weeks after a day online because of doing a baby sitting job.

talkspace.com/blog/2016/01/ … -chatbots/


#1739

47 million dollar capacity?


#1740

Whats the point of the last few comments ?
Make an effort to actually debate will ya.


#1741

You got called on your ignorance . Now YOU are acting like a baby throwing the toys out of the bath.

Yes you need to do your own research and make an effort to understand where things are at first otherwise you make yourself look foolish.


#1742

The lightening network in their own words is still in pre-release testing. They did the live test transaction a few weeks ago. This is as I said, little more than Vapor ware.

But yes, a decade after the launch of Bitcoin, the project that is still in Alpha testing and only did the first test transactions is a fortnight ago is the future of Bitcoin. This is what is going to take over the world and solve all the world’s unknown problems.

To the moon,… HODL…


#1743

I posted this in the Godsil thread; but so much WTF; the bould Gillian has gone full blockchain. Says a lot really about the calibre of charlatan in this space

facebook.com/jillian.godsil
https://i.imgur.com/UJviocv.jpg

now a crypto expert :smiley:


#1744

Worse still, it seems as if you and I are partly paying for it: siliconrepublic.com/start-u … ish-crypto

Note the EI grant part…


#1745

I beg your pardon. She’s now a CryptoJournalist and LawChanger.


#1746

New Crypto CEOs youtube channel, starring guess who? (And clocking up a massive one view per day so far).


#1747

Godsilla is now one of the top 50 women in Blockchain, is an international speaker and ICO adviser, and has been named a CryptoQueen by Inzero Tech.

medium.com/@jilliangodsil/50-mo … 946f9684cb